COMMERCIAL VEHICLE INSURANCE COMPANY IN INDIA

Every commercial vehicle owner in India is required to have at least one third-party liability insurance policy. But it has happened most of the time that when they buy insurance, they become confused and end up purchasing an insurance policy that does not greatly benefit them. So, choosing the best commercial vehicle insurance online in India is a major concern for every commercial vehicle owner.

It is very important that when you look for the best commercial vehicle insurance company in India, you familiarize yourself with the various commercial vehicle insurance policies, compare the companies, and then select the one that best meets your needs.

Here are some of the top commercial vehicle insurance providers that will help you to get a foundational understanding.

 

 

 

1. Bharti AXA General Insurance Co. Ltd.

Bharti AXA is the market leader with the largest customer base, with more than 135 branches across India, and following its merger with ICICI Lombard general insurance, it is poised to become the market leader in the general insurance field. It was founded in 2008 as a joint venture between two companies: Bharti, which owns 51 percent, and AXA, which owns 49 percent. Its feature: 

1. Over 4000 cashless garages

2. You can book commercial vehicle insurance online.

3. Over a million claims have been settled.

4. Fast and hassle free claim settlement policy.

 

2. Bajaj Allianz General Insurance Co., Ltd.

 It is another well-known commercial vehicle insurance company that was established in 2001 and offers a variety of insurance policies in more than 200 cities throughout India. Its claim ratio is approximately 69%. Bajaj has created commercial vehicle insurance policies with a focus on providing financial security for both the business and the vehicle owner against financial losses.

1. Cashless claim settlement

2. Towing and roadside assistance are available 24 hours a day, seven days a week.

3. Coverage for zero depreciation

4. Personal baggage

5. Accident shield

6. Personal accident cover

 

3. HDFC ergo general insurance Co., Ltd.

HDFC ERGO general insurance company ltd., founded in 2002, is a joint investment between HDFC and ERGO. This insurance company has over 50 million plans and is growing at a rate of more than 20% per year. It has a network of over 6000 garages and a claim settlement ratio of more than 90%, which is one of the highest in India. The company has received numerous awards over the years, including the best employer award; the best general insurance company in India in 2014; the ICAI award for excellence in financial reporting; the best insurance company in the private sector; and many more. 

1. More than a billion customers

2. Round-the-clock customer service

3. Rapid claim settlement with the cashless settlement at over 1500 network garages

4. It has one of the simplest renewal processes.

 

4. United India Insurance Co., Ltd.

Another is United India Insurance Company Ltd., founded in early 1938 and is one of India's oldest insurance companies. This company has various insurance policies ranging from providing insurance to bullock carts to satellites, and with a AAA rating by CRISIL, it has over 15000 employees spread across 2000+ rural or urban offices and provided insurance coverage to over 1.5 crore people in FY-19.

1. Simple and stress-free claim settlement procedure

2. Comprehensive vehicle insurance is also available.

3. It offers a variety of discounts to users.

 

5. National Insurance Company

It is India's oldest general insurance company, established in 1906, with headquarters in Kolkata. It is also a state-owned company. Its offices are spread across India, with a strong presence of 1700+ offices, more than 13000 employees, and over 50000 agents, with a claim settlement ratio of 85%. It primarily deals with motor insurance, household insurance, health insurance, personal insurance, and so on. It is also the first company to introduce an office on wheels. 

1. Insurers can purchase their third-party liability vehicle insurance policy online at the website.

2. A simple claim settlement procedure

3. Customer service is available 24/7.

 

 FAQs

Q1. What exactly is commercial vehicle insurance?

Ans. Commercial vehicle insurance is a type of insurance that protects you financially from losses and damage caused by accidents, collisions, fires, natural disasters, and so on.

Q2. Is commercial vehicle insurance necessary in India?

Ans. Yes, according to the Motor Vehicle Act of 1988, all vehicles operating in public must have motor insurance coverage.

Q3. What are the different types of commercial vehicle insurance policies that I can purchase for my vehicle?

Ans. In India, there are two types of commercial vehicle insurance:

1. third-party liability insurance,

2. comprehensive insurance

In India, all commercial and non-commercial vehicle owners are required to have third-party liability insurance, whereas comprehensive insurance includes third-party liability insurance as well as any related expenses incurred by the policyholder as a result of theft, accident, or natural calamity.

Q4. What factors can affect my vehicle insurance?

Ans. There are numerous factors to consider, such as geographical location, engine type (petrol or diesel), coverage type (full or third-party liability), vehicle model, and so on. These are some of the factors that can affect your vehicle insurance premium, so considering these factors will help you to get the best commercial vehicle insurance company in India.